Smart Speaker Market Accelerates at 32.5% CAGR to Reach US$ 110 Billion by 2033: Fact.MR Report

Rockville, Sept. 26, 2023 (GLOBE NEWSWIRE) -- As revealed by Fact.MR, a provider of market research and competitive intelligence, the global Smart Speaker Market is expected to reach US$ 110 billion by the end of 2033, expanding rapidly at a CAGR of 32.5% over the decade.

Smart speakers are internet-connected wireless devices featuring built-in voice assistants that aid people in their daily activities. These devices utilize voice recognition technology to discern and react to spoken instructions. They find extensive applications in tasks like playing music, accessing weather updates, streaming live news, reading e-books, securing premises, and scheduling alarms, reminders, and timers.

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Capabilities such as GPS navigation and management of other intelligent home gadgets like thermostats and lights are some key features of smart speakers. Over the past few years, smart speakers have garnered substantial fame owing to their exceptional connectivity, portable design, affordability, user-friendly nature, and advanced functionalities.

The smart speaker market is projected to experience substantial expansion in the upcoming period due to the rise of digital technology and the growing prevalence of the Internet of Things (IoT) worldwide. Among the various intelligent virtual assistant segments, "Alexa" is predicted to exhibit rapid growth during this forecast timeframe. As the inaugural smart device to enter the market, Alexa holds an advantageous position as a newcomer.

Key Takeaways from Market Study 

• The global smart speaker market is valued at US$ 6.4 billion in 2023.
• Worldwide demand for smart speakers is projected to boom at a CAGR of 32.5% from 2023 to 2033.
• The market is estimated to touch US$ 110 billion by the end of 2033.
• Revenue from the Alexa segment is projected to rise at a CAGR of 34% from 2023 to 2033.
• The market in China is set to advance at a CAGR of 30.5% during the forecast period.
• The market in Germany is forecasted to expand at a CAGR of 22% from 2023 to 2033.

“Increasing popularity of Amazon Alexa has bolstered the expansion of the smart speaker market, and this voice assistant is poised to uphold its market dominance during the projected period. With the advantage of being a pioneering product, Amazon Alexa enjoys widespread consumer appeal. Its seamless integration with a variety of smart home devices and growing enthusiasm for Internet of Things (IoT) products among millennials are expected to sustain Alexa’s appeal and contribute to a growing market share,” says a Fact.MR analyst.

Key Segments of Smart Speaker Industry Research Report

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Market Competition

Leading smart speaker manufacturers are making significant R&D investments to diversify their product portfolios, which is expected to spur further market expansion. Important market developments include new product launches, agreements, mergers, and acquisitions. The smart speaker market needs to provide affordable products to grow and thrive in a competitive and challenging environment.

• In February 2023, Sonos, a leading manufacturer of speakers and soundbars, launched a new smart speaker model named Optimo. These speakers, code-named Optimo, compete with Apple's HomePod and similar smart speakers from companies such as Google and Amazon.
• Google introduced its AI-powered virtual assistant in December 2021 in Saudi Arabia. The Google speaker was customized to understand all Saudi dialects and respond in Western Standard Arabic.
• Apple Inc. introduced the compact HomePod speaker in October 2020. This device seamlessly integrates with Siri, Apple's virtual assistant, and incorporates cutting-edge edge software. Additionally, the HomePod Mini offers Wi-Fi connectivity and smart home functionalities, coupled with built-in security and privacy measures.

Key Companies Profiled

• Harman International
• Lenovo
• SK Telecom Co., Ltd.
• Panasonic Corporation
• Alphabet
• Altec Lansing
• Bose Corporation
• LG Electronics
• Samsung

More Valuable Insights on Offer 

Fact.MR, in its new offering, presents an unbiased analysis of the global smart speaker market with historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on component (hardware, software), virtual assistant (Siri, Alexa, Google, Cortana), connectivity (Wi-Fi, Bluetooth), and application (smart homes, smart offices, consumers), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).

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